Bitcoin: Difference between revisions
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'''Bitcoin''' is a [[digital currency]] created in 2009 by Satoshi Nakamoto. The name also refers to the [[open source]] software he designed that uses it, and the peer-to-peer network that it forms. Unlike most currencies, bitcoin does not rely on trusting any central issuer. Bitcoin uses a [[distributed database]] spread across nodes of a [[peer-to-peer]] network to journal transactions, and uses [[cryptography]] in order to provide basic security functions, such as ensuring that bitcoins can only be spent by the person who owns them, and never more than once. | '''Bitcoin''' is a [[digital currency]] created in 2009 by Satoshi Nakamoto. The name also refers to the [[open source]] software he designed that uses it, and the peer-to-peer network that it forms. Unlike most currencies, bitcoin does not rely on trusting any central issuer. Bitcoin uses a [[distributed database]] spread across nodes of a [[peer-to-peer]] network to journal transactions, and uses [[cryptography]] in order to provide basic security functions, such as ensuring that bitcoins can only be spent by the person who owns them, and never more than once. | ||
Bitcoin's design allows for anonymous ownership and transfers of value. Bitcoins can be saved on a personal computer in the form of a ''wallet file'' or kept with a third party ''wallet service'', and in either case Bitcoins can be sent over the Internet to anyone with a ''Bitcoin address''. Bitcoin's peer-to-peer topology and lack of central administration make it infeasible for any authority, governmental or otherwise, to manipulate the value of bitcoins or induce [[inflation]] by producing more of them. | Bitcoin's design allows for anonymous ownership and transfers of value. Bitcoins can be saved on a personal computer in the form of a ''wallet file'' or kept with a third party ''wallet service'', and in either case Bitcoins can be sent over the Internet to anyone with a ''Bitcoin address''. Bitcoin's peer-to-peer topology and lack of central administration make it infeasible for any authority, governmental or otherwise, to manipulate the value of bitcoins or induce [[inflation]] by producing more of them. | ||
Bitcoin is one of the first implementations of a concept called 'cryptocurrency', first described in 1998 by Wei Dai on the [[Cypherpunk#Cypherpunk mailing list|cypherpunk]]s mailing list.<ref>http://weidai.com/bmoney.txt</ref> | Bitcoin is one of the first implementations of a concept called 'cryptocurrency', first described in 1998 by Wei Dai on the [[Cypherpunk#Cypherpunk mailing list|cypherpunk]]s mailing list.<ref>http://weidai.com/bmoney.txt</ref> | ||
== Economics == | == Economics == | ||
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All generating nodes of the network are competing to be the first to find a solution to a cryptographic problem about their candidate-block, a problem that requires repetitious [[trial and error]]. When a node finds such a valid solution, it announces it to the rest of the network and claims a new batch of bitcoins. Peers receiving the new solved-block validate it before accepting it, adding it to the chain. Nodes can employ their [[CPU]]s using the standard client or use other software to take advantage of their [[GPU]]s.<ref name=lwn /><ref>[https://github.com/Diablo-D3/DiabloMiner DiabloMiner, OpenCL miner for BitCoin]</ref><ref>[https://github.com/m0mchil/poclbm poclbm, Python OpenCL bitcoin miner]</ref> Users can also generate bitcoins collectively.<ref>[http://mining.bitcoin.cz/ Bitcoin Pooled Mining]</ref> | All generating nodes of the network are competing to be the first to find a solution to a cryptographic problem about their candidate-block, a problem that requires repetitious [[trial and error]]. When a node finds such a valid solution, it announces it to the rest of the network and claims a new batch of bitcoins. Peers receiving the new solved-block validate it before accepting it, adding it to the chain. Nodes can employ their [[CPU]]s using the standard client or use other software to take advantage of their [[GPU]]s.<ref name=lwn /><ref>[https://github.com/Diablo-D3/DiabloMiner DiabloMiner, OpenCL miner for BitCoin]</ref><ref>[https://github.com/m0mchil/poclbm poclbm, Python OpenCL bitcoin miner]</ref> Users can also generate bitcoins collectively.<ref>[http://mining.bitcoin.cz/ Bitcoin Pooled Mining]</ref> | ||
So that one block gets generated every ten minutes, each node separately readjusts the difficulty of the problem it tries to solve every two weeks according to any changes of the collective CPU-power of the peer-to-peer network. | So that one block gets generated every ten minutes, each node separately readjusts the difficulty of the problem it tries to solve every two weeks according to any changes of the collective CPU-power of the peer-to-peer network. | ||
=== Transaction fees === | === Transaction fees === | ||
